Innovotech Announces Audited Financial Statements for the Year Ended December 31, 2009
March 17 2010 - 6:00AM
Marketwired Canada
Innovotech Inc. (TSX VENTURE:IOT) today announced its audited financial and
operational results for the year ended December 31, 2009.
Highlights:
-- Highest revenue year in Company's history.
-- First commercial sale of bioFILM PA(TM) kit.
-- Commercial Agreement for Agress(TM) signed with Syngenta, the world's
largest seed treatment company.
-- Field trials of Agress(TM) demonstrate expanded scope of use.
"Strong growth in contract research propelled the Company to its best revenue
year ever. Combined with the first commercial sale of bioFILM PA(TM) kit in
early 2010, we are optimistic that revenues will continue to grow," says Dr.
James Timourian, Chief Financial Officer. "While delays in regulatory approval
with both the Environmental Protection Agency (US) and the Pest Management
Regulatory Agency (Canada) have slowed market entry of its lead agricultural
product, Agress(TM), the Company, with support from its commercial partner, is
working to overcome these barriers in the quickest possible time frame. In
addition, results from field and greenhouse trials conducted during 2009 show
broad potential for Agress(TM) in a variety of high value-added crops such as
potatoes, vegetables and fruits. A plan for obtaining regulatory approval for
these new uses is being developed. This will greatly expand the already
encouraging revenue potential of Agress(TM)."
The importance of biofilms in human health, agriculture and industry continues
to be recognized. The Company recently signed Material Transfer Agreements with
several multinational medical device companies to incorporate a patented
Innovotech antimicrobial material into catheters and other medical devices. The
companies intend to pursue commercial agreements once initial validation work is
complete.
Financial Summary
----------------------------------------------------------------------------
Year-ended Year-ended
December 31, December 31,
($) 2009 2008
----------------------------------------------------------------------------
Revenues 1,453,924 1,164,035
----------------------------------------------------------------------------
G&A 984,178 909,588
----------------------------------------------------------------------------
R&D 809,326 708,007
----------------------------------------------------------------------------
Net Loss (1,127,203) (942,141)
----------------------------------------------------------------------------
Share Price (TSX-V symbol - IOT) 0.65 0.84
----------------------------------------------------------------------------
Cash Position at Year-end 1,375,560 2,120,859
----------------------------------------------------------------------------
About Innovotech Inc.:
Innovotech is a product development company focusing on the development of
solutions to medical, agricultural and industrial problems caused by microbial
biofilms. Biofilms are protected communities of microorganisms which are very
common and very difficult to treat due to their inherent resistance. They have
been implicated in a host of devastating infections in agriculture, human health
and industry. No diagnostics or antibiotics are currently approved for use in
infections involving biofilms.
This document may contain forward-looking statements that are predictive in
nature and subject to risks and uncertainties that cannot be predicted or
quantified; consequently, actual results may differ materially from past results
and those expressed or implied by any forward-looking statements. Factors that
could cause or contribute to such risks or uncertainties include, but are not
limited to: the regulatory environment including the difficulty of predicting
regulatory outcomes; changes in the value of the Canadian dollar; the Company's
reliance on a small number of customers including government organizations;
fluctuations in operating results; government policies or actions; progress and
cost of clinical trials; reliance on key strategic relationships; uncertainty
related to intellectual property protection and potential costs associated with
its defense; the Company's exposure to lawsuits and other matters beyond the
control of management. Should known or unknown risks or uncertainties
materialize, or should management's assumptions prove inaccurate, actual results
could vary materially from those anticipated. The Company undertakes no
obligation to publicly make or update any forward-looking statements, except as
required by applicable law.
Innovotech (TSXV:IOT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Innovotech (TSXV:IOT)
Historical Stock Chart
From Jul 2023 to Jul 2024
